Who knew climate change could be solved by increasing the debt, running budget deficits, and keeping the printing press on autopilot? President Joe Biden met with world leaders in Glasgow, Scotland, for the COP26 climate summit, sounding the good old doomsday alarm on global warming. But while Biden proposes a broad array of expensive tools to cure the environment, the globalists’ pursuits of perfecting Mother Nature could spark long-term consequences for the economy, especially among impoverished nations coerced into conforming with wealthy countries. Be it money the planet does not have or resources that impecunious states do not possess, the disaster of Build Back Better is being foisted upon the globe, whether the people like it or not.
Let’s Go COP26
For the next ten days, the United Kingdom will host climate talks that are being billed as the last chance to prevent a climate emergency (how many times have we heard this?). The powwow of world leaders also signified, President Biden stated, that the United States was back at the table to save Earth.
“Right now, we’re still falling short. There’s no more time to hang back or sit on the fence or argue amongst ourselves,” Biden averred in prepared remarks, regurgitating the tropes of “existential threat” and “transformative action” to assembled delegates in the home of haggis and black pudding.
According to the administration, the United States is committed to slashing greenhouse gas emissions by as much as 52% by 2030 and then ushering in a 100% carbon pollution-free power sector five years later. John Kerry, Biden’s special envoy for climate, says this is part of the broader effort to limit global warming to 2.7 degrees Fahrenheit (1.5 degrees Celsius). But, as Prince Charles revealed at the opening ceremony of COP26, there will be a “vast military-style campaign” that will marshal in a “fundamental economic transition.”
So, how will Washington deliver on this pledge? One of the most significant measures being employed by the White House will be the $555 billion component of the Build Back Better agenda. This includes clean U.S. manufacturing, a Civilian Climate Corps, centralized coastal restoration and forest management, and a national network of electric vehicle chargers. Because the United States is immensely wealthy, perhaps the country could endure this onslaught of taxing, printing, and borrowing.
What about the rest of the world, much of which is enduring a tremendous energy crisis, that does not enjoy this luxury? Ask India.
India Against the World
India, the fifth-largest economy in the world by gross domestic product, anticipates swelling energy demand for many years to come. For now, as the South Asian country emerges from the coronavirus pandemic, it is going through challenging energy shortages, prompting the nation to ramp up coal production to keep the lights on and factories working. So, according to Prime Minister Narendra Modi, if the world wants New Delhi to mirror affluent states, they better be prepared to assist financially. He stated:
“I will also highlight the need to comprehensively address climate change issues including equitable distribution of carbon space, support for mitigation and adaptation and resilience building measures, mobilization of finance, technology transfer, and importance of sustainable lifestyles for green and inclusive growth.”
Moreover, India’s secretary in the Ministry of the Environment, R.P. Gupta, disputed the net-zero objective as a solution to climate change, reportedly telling members of the press: “It is how much carbon you are going to put in the atmosphere before reaching net zero that is more important.” As the government pushes the nation’s largest coal producers to increase production to prevent more power outages, it is unlikely that the country will meet some of the proposed COP26 targets.
Still, India vows to become a net-zero state by 2070. However, the Climate Action Tracker consortium, which monitors governments’ climate mechanisms, suggests India’s actions are “highly insufficient.”
Show COP26 Your Marx
Be it the Paris Accord or COP26, these internationalist plans typically engage in socialism that benefits the ruling class – the politicians, the donors, the lobbyists, and cronyist corporations. It is the worst-kept secret that globalist pacts confiscate money from poor people in rich countries to transfer these funds to wealthy individuals in developing markets. The green movement can only be sustained through subsidies, public dollars that are allocated to those who can afford it – and those who can profit.
A poor person from Biloxi, MS, will be forced to hand over cash to a wealthy crony halfway around the world. This is comparable to publicly funded foreign aid that is typically given to wealthy leaders, the military, and warlords, with crumbs going to the general population. Of course, considering how rich executives head green companies, they benefit from these annual summits.
Solyndra, the multi-billion-dollar Obama-era boondoggle, has been the poster child of waste in the new green economy. However, over the last decade, a growing list of green-concentrated firms have closed their doors and taken taxpayer-provided dollars, euros, and yuan. In addition, the private market has facilitated this push to be environmentally friendly through the Environmental, Social, and Governance (ESG) investing crusade. This newest campaign, one that has abandoned due diligence and sound finances, has resulted in a bubble that is on the cusp of popping since, as Liberty Nation recently noted, the newest mantra on Wall Street is “everything renewable is great and everything fossil-fuel-related is awful.”
That said, it is safe to say that ESG companies are attractive to investors because – either directly or indirectly – they get their hands on tax money, even when there is greenwashing going on.
Where Will This Money Come From?
In October, the Organization for Economic Cooperation and Development (OECD) warned that governments would face enormous fiscal pressures amid bloated debt levels, fueled by covering the costs associated with the pandemic. The OECD’s economic outlook to 2060 projected that governments, many of which saw COVID-related spending account for as much as 17% of GDP, would need to wrestle with debt repayments and aging populations. The U.S. saw its federal deficit swell to around $3.5 trillion and national debt top $28 trillion, with inflation surging to multi-year highs.
What are the options available? Central banks have already pumped tens of trillions of dollars into the global economy. The U.S. government is taxing money that has yet to be made. The OECD has adopted a global minimum corporate tax that will be paid by cash-strapped consumers. When officials pledge to reach these goals 30, 40, and 50 years from now and promise to cover the tab through transformed economies, what happens when oil and gas still account for a third of energy and debts become unmanageable by the time the century is half over? Will it become a sunk cost for the blue marble of the cosmos?
Well, many of these leaders will not be around, the well-connected get rich, and the public’s attention is diverted to the next global crisis.
~ Read more from Andrew Moran.